SAN FRANCISCO (AP) - If you were among those who stood in line for hours waiting to get your hands on an iPhone and shelling out nearly $600 to do so, you may now be envious of those who waited a couple of months before buying.

The company has slashed the price. The 8-gig gadget, which was $599 earlier this week, is now $399. And the 4-gig model, which sold for $499, is being pulled from the shelves.

But there is relief -- although not for those who stood in line back in June.

Apple says if you bought an iPhone in the last 14 days and haven't opened it, you can return it and get your money back. If you have opened it, you can still get back the $200 difference.

The price cut bit into Apple's stock. It fell more than five percent Wednesday.